The Equity Premium  

Oleh:

French, Kenneth R. ; Fama, Eugene F.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 57 no. 2 (2002), page 637-660.
Topik: equity; studies; rates of return; stock prices; dividends; earnings trends; equity; economic models; statistical analysis
Fulltext: p 637.pdf (151.9KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88.5 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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We estimate the equity premium using dividend and earnings growth rates to measure the expected rate of capital gain. Our estimates for 1951 to 2000, 2,55 percent and 4,32 percent are much lower than the equity premium produced by the average stock return, 7,43 percent. Our evidence suggests that the high average rturn for 1951 to 2000 is due to a decline in discount rates that produces a large unexpected capital gain. Our main conclusion is that the average stock return of the last half - century is a lot higher than expected.

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